These were taken from the statement of comprehensive income of ABC Company, a domestic corporation for...
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These were taken from the statement of comprehensive income of ABC Company, a domestic corporation for 2011 whose total assets excluding land is less than Php65,000,000: Sales Cost of sales Operating expenses (excluding bad debts) Rental income (including Php 50,000 security deposit) Provision for bad debts Provision for income tax Additional information: - Accounts written off during 2011 - Recoveries in 2011 of accounts receivable Written-Off in 2010 (only Php10,000 Were recognized by the BIR as a Reduction for 2010 income - Refunds for various local taxes paid in 2010 (50% of the amount recovered were recognized by the BIR as a reduction for 2010 income) - Refunds for the overpayment of 2010 income tax - Refund for special assessment - Acquisition of real property to be used in business (acquired from a shareholder) FMV P900,000 Need: 1. Taxable recovery of accounts receivable written off 2. Taxable returns 3. Income tax payable for 2011. Php 1,500,000 500,000 300,000 500,000 20,000 95,000 Php 50,000 10,000 30,000 15,000 9,000 2,000,000 These were taken from the statement of comprehensive income of ABC Company, a domestic corporation for 2011 whose total assets excluding land is less than Php65,000,000: Sales Cost of sales Operating expenses (excluding bad debts) Rental income (including Php 50,000 security deposit) Provision for bad debts Provision for income tax Additional information: - Accounts written off during 2011 - Recoveries in 2011 of accounts receivable Written-Off in 2010 (only Php10,000 Were recognized by the BIR as a Reduction for 2010 income - Refunds for various local taxes paid in 2010 (50% of the amount recovered were recognized by the BIR as a reduction for 2010 income) - Refunds for the overpayment of 2010 income tax - Refund for special assessment - Acquisition of real property to be used in business (acquired from a shareholder) FMV P900,000 Need: 1. Taxable recovery of accounts receivable written off 2. Taxable returns 3. Income tax payable for 2011. Php 1,500,000 500,000 300,000 500,000 20,000 95,000 Php 50,000 10,000 30,000 15,000 9,000 2,000,000
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Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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